Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Paradex against Bybit−0.036%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on Bybit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$1 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.036%, 7d avg +0.008%

Together, before fees+0.058%+ Points / potential airdropParadex: Active · farm board+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.044% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,771.5	0.0100	pay 0.0100% / 8h	6h 24m	$5.31B	$9.74B	150x
Short	Paradex BTC-USD-PERP	85,740.5	0.0100	get 0.0100% / 8h	6h 24m	$3.8M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee ParadexbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$0.03
Price spread: −0.036% → +0.008%: −$4.42
Slippage, 4 orders: −$1.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$20.88
Costs to cover: 0.164%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Paradex: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.9 bp −$595	7.1 bp −$3,565
Sell Paradex live order book, 5 min ago	0.71 bp	2.7 bp −$3	2.7 bp −$27	186.1 bp −$18.6K	doesn't fit

BTC on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0144%	1h	85,733	−0.045%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.006%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,745.4	−0.030%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,805.5	+0.040%	$514K	$20.5M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,800	+0.033%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,768.7	−0.003%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.094%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,744.1	−0.032%	$903.5M	$754.4M	125x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,749.5	−0.026%	$516.6M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,779.1	+0.009%	$8.2M	$42.0M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0055%	1h	85,792.9	+0.025%	$22.6M	$227.5M	50x	as long as short
BingX BTC-USDT	+0.0055%	8h	85,766.2	−0.006%	—	$1.57B	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,751.1	−0.024%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,753	−0.022%	$2.95B	$5.08B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	−0.022%	$140.2M	$319.5M	100x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,788.6	+0.020%	$2.27B	$946.7M	200x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,746.3	−0.029%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,760.4	−0.013%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,755.2	−0.019%	$9.34B	$24.30B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,794	+0.026%	$170.4M	$989.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,799.6	+0.033%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,757	−0.017%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,732	−0.046%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,740.5	−0.036%	$3.8M	$8.4M	50x
Hyperliquid BTC	+0.0100%	1h	85,815	+0.051%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,808	+0.043%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,771.5	long leg	$5.31B	$9.74B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,770.9	−0.001%	$2.54B	$12.36B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,764	−0.009%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,726.5	−0.052%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.031%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,766.4	−0.006%	$5.61B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,785.7	+0.017%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.033%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	−0.036%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,752.4	−0.022%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,779.6	+0.009%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,819.6	+0.056%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,752	−0.023%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,764	−0.009%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,754.9	−0.019%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,781.2	+0.011%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,760.3	−0.013%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,771.5	0.000%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,795	+0.027%	$60.1M	$337.3M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,794.5	+0.027%	$154.1M	$480.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,733.6	−0.044%	$44.1M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,768.4	−0.004%	—	$100.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,835	+0.074%	$131.2M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,815.6	+0.051%	$697K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,824.7	+0.062%	$188.6M	$963.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,750.4	−0.025%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0184%	1h	85,844.4	+0.085%	$894.6M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,766.1	−0.006%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,811	+0.046%	$10.2M	$770.1M	6.4x	as long as short